1031 Exchange Summer Update – 2020 – Page 21

The 1031 exchange market nationally has been like a roller coaster this past spring and summer, plummeting down in April and roaring back up starting in June.

In late March and April exchange activity dropped off significantly as a result of the COVID-19 pandemic which forced the entire nation to work from home and/or shelter at home. The Treasury provided tax relief to some investors with Notice 2020-23 which extended many deadlines for investors affected by the COVID-19 pandemic including Section 1031 exchange time deadlines. Notice 2020-23 extended the 45-day identification period deadline and 180-day exchange period for certain investors until July 15, 2020. (Note: There is no further extension in place currently.)

Thursday, July 30th
2:00 PM – 4:00 PM CT

This two-hour course for commercial brokers provides a concise and thorough overview of IRC Section 1031 tax-deferred exchanges. This webinar tackles advanced issues such as partnership/LLC scenarios, creative property variations such as perpetual cellular easements (cell towers), fractional ownership, transferable development rights, reverse and improvement exchanges, how to avoid common pitfalls and related-party transactions.

Tuesday, August 4th
9:00 AM – 10:00 AM MDT

CPE Credit Available

This one-hour intermediate/advanced level webinar provides a concise and thorough overview of 1031 exchanges for accountants, CPAs, and tax advisors. This webinar covers critical time deadlines, like-kind requirements, oil/gas/mineral rights, fractional ownership, partnership/LLC scenarios, reverse and improvement exchanges, related party transactions, and how to avoid common pitfalls.

The Real Deal: Biden’s Tax Plan Would “Pull the Rug Out” from Under the Real Estate Industry

Joe Biden went after one of the real estate industry’s favorite tax benefits Tuesday when he proposed funding a child- and elderly-care spending platform by closing off a loophole used by property investors.

The presumptive Democratic presidential nominee proposed eliminating 1031 “like-kind” exchanges for investors with annual incomes greater than $400,000, as part of his plan to finance $775 billion in government spending over the next 10 years on child care and care for the elderly.

* Link to an article in The Real Deal. This article is linked to make investors aware of a proposed change in the Section 1031 tax law.

Thank you for the very professional way in which my transactions were handled, making this a pleasant and efficient process. Thanks as well to all your associates who were very gracious to work with.

– LORI H., MASSACHUSETTS

1031 Basics: Closing Costs

A frequently asked question is “What expenses can be deducted from the exchange proceeds without resulting in a tax consequence?” Although the IRS has not published a complete list of qualifying expenses, there are some rulings that provide general parameters. Brokerage commissions can be deducted from the exchange proceeds (Revenue Ruling 72-456). Other transactional costs may also be able to be deducted if they are paid in connection with the exchange…

Real Estate is a Seller’s Market as Sales Soar by 21% — but Renters Worry They Will Be Left Behind

The coronavirus has made roomier homes with backyards in the suburbs more appealing — driving up prices and triggering bidding wars.

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Asset Preservation would appreciate the opportunity to work with you on your next 1031 exchange. Give us a call for a free consultation.

800-282-1031

Intent to Hold for Investment: 12-Year Holding Period

By admin|2014-10-27T16:51:30-07:00September 11th, 2014|Categories: Uncategorized|

Intent To Hold For Investment: 12-Year Holding Period Lessons From Allen v. United States Is a 12-year holding period long enough for property to be considered to be “held for investment?" At first blush, a [...]

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Two 1031 Audits: Cash Boot at Closing/Failed Exchange & ID Violation

By admin|2014-09-22T03:11:36-07:00July 22nd, 2014|Categories: Uncategorized|

California FTB Denies Exchange Based on Cash Out at Closing: Analysis and Response It’s no secret that the California Franchise Tax Board (“FTB”) has become very aggressive in challenging 1031 exchanges. In a recent audit, [...]

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Taxpayer Uses Disqualified Person as a QI

By admin|2014-09-22T03:13:47-07:00June 26th, 2014|Categories: Uncategorized|

Taxpayer Uses Disqualified Person as a Qualified Intermediary (QI) In Blangiardo v. Commissioner, T.C. Memo. 2014-110, the taxpayer hired his son to serve as his intermediary. The taxpayer duly reinvested the exchange proceeds into like-kind replacement [...]

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1031 Exchanges Face Uncertain Future

By admin|2014-09-22T03:11:59-07:00May 7th, 2014|Categories: Uncategorized|

1031 Exchanges Face Uncertain Future Section 1031 Under Siege There are currently three different proposals that the federal government is weighing, which would significantly alter Section 1031: Former Sen. Max Baucus (D-Montana), who became U.S. [...]

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Webinars: 1031 Exchanges Issues in Today’s Market

Thursday, July 30th
2:00 PM – 4:00 PM CT

Tuesday, August 4th
9:00 AM – 10:00 AM MDT

The Real Deal: Biden’s Tax Plan Would “Pull the Rug Out” from Under the Real Estate Industry

We Love Our Happy Customers

Thank you for the very professional way in which my transactions were handled, making this a pleasant and efficient process. Thanks as well to all your associates who were very gracious to work with.

1031 Basics: Closing Costs

Real Estate is a Seller’s Market as Sales Soar by 21% — but Renters Worry They Will Be Left Behind

Call Us

Intent to Hold for Investment: 12-Year Holding Period

Two 1031 Audits: Cash Boot at Closing/Failed Exchange & ID Violation

Taxpayer Uses Disqualified Person as a QI

1031 Exchanges Face Uncertain Future

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1031 Exchange Summer Update – 2020